Softening and market slowdown are the new emerging keyphrases for where the housing market is headed. More sellers are coming onto the market, slowly addressing the inventory challenge and slowing home price growth, according to the latest Weekly Housing Trends report from realtor.com®.
Key findings:
– The median listing price increased 10.3% YoY—the 50th consecutive week of double-digit growth
– New listings are up 9%
– Total active inventory is down 31% YoY
– Days on market is 19 days faster than last year
“We had expected July to bring some relief from higher home prices, but growth has been remarkably resilient so far, with last week bringing us just two weeks shy of a full year of double-digit price increases,” said realtor.com® Chief Economist Danielle Hale. “Despite more new sellers and smaller inventory declines, home prices are stubbornly stuck in double-digit growth territory. With low mortgage rates dropping even lower in recent weeks, buyers’ monthly costs have dropped, which is fueling price growth. Prices should start to ease heading into back-to-school season this fall, but for now, the typical asking price is holding out near June’s record-high of $385,000.”
